Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more
With 2,271 people, 1,055 houses or apartments, and a median cost of homes of $112,342, house prices in Spencer are solidly below the national average.
Single-family detached homes are the single most common housing type in Spencer, accounting for 57.30% of the town's housing units. Other types of housing that are prevalent in Spencer include mobile homes or trailers ( 14.43%), duplexes, homes converted to apartments or other small apartment buildings ( 12.76%), and a few large apartment complexes or high rise apartments ( 9.51%).
People in Spencer primarily live in small (one, two or no bedroom) single-family detached homes. Spencer has a mixture of owner-occupied and renter-occupied housing.
There is a lot of housing in Spencer built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Spencer built before 1939 ( 30.86%). A lesser amount of the housing stock also hails from between 1940-1969 ( 29.11%). There's also some housing in Spencer built between 2000 and later ( 6.76%).
Vacant housing appears to be an issue in Spencer. Fully 12.01% of the housing stock is classified as vacant. Left unchecked, vacant Spencer homes and apartments can be a drag on the real estate market, holding Spencer real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.
Real estate appreciation rates in Spencer's have tracked to near the national average over the last then years, with the annual appreciation rate averaging -0.56% during the period.
Appreciation rates are so strong in Spencer that despite a nationwide downturn in the housing market, Spencer real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Spencer appreciation rates continue to be some of the highest in America, at 5.67%, which is higher than appreciation rates in 70.97% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Spencer. Spencer appreciation rates in the latest quarter were at -2.78%, which equates to an annual appreciation rate of -10.68%.
Notably, Spencer's appreciation rate in the latest quarter is one of the lowest in America.
Relative to Indiana, our data show that Spencer's latest annual appreciation rate is higher than 80% of the other cities and towns in Indiana.
|$813,001 - $1,084,000||0.0|
|$541,001 - $813,000||0.0|
|$434,001 - $541,000||0.4|
|$325,001 - $434,000||1.3|
|$217,001 - $325,000||8.8|
|$108,001 - $217,000||38.6|
|$54,001 - $108,000||39.7|
|$0 - $54,000||11.2|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
2000 Q1 - 2017 Q1
|* 10 is highest|
|AGE OF Spencer HOMES|
|2000 or Newer||6.8|
|1970 - 1999||33.3|
|1940 - 1969||29.1|
|1939 or Older||30.9|
|TYPE OF Spencer HOMES|
|Small Apt. Buildings||12.8|
|SIZE OF Spencer HOMES|
|5 or more bedrooms||0.67|